Company Registration No. 01633743 (England and Wales)
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
230,145
195,387
Investments
5
1,300
1,300
231,445
196,687
Current assets
Stocks
1,273,505
1,178,531
Debtors
6
3,016,257
2,847,028
Cash at bank and in hand
1,138,498
382,478
5,428,260
4,408,037
Creditors: amounts falling due within one year
7
(2,806,670)
(2,104,218)
Net current assets
2,621,590
2,303,819
Total assets less current liabilities
2,853,035
2,500,506
Creditors: amounts falling due after more than one year
8
(216,000)
Provisions for liabilities
9
(42,256)
(20,992)
Net assets
2,810,779
2,263,514
Capital and reserves
Called up share capital
10
40,159
30,915
Share premium account
903,400
412,640
Profit and loss reserves
1,867,220
1,819,959
Total equity
2,810,779
2,263,514
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2022 and are signed on its behalf by:
Mr L B Silver
Director
Company Registration No. 01633743
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Crossfold Electrical Wholesalers Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Units 11 & 12, Prospect Business Park, Langston Road, Loughton, Essex, IG10 3TR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the effect of the Covid-19 outbreak. With the financial support provided by the shareholders, government grants and bank loan, the company's business has not been affected by the outbreak. Accordingly, the directors have an
true
expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
reasonable
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the duration of the lease
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprise
d
of
direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the
stocks
to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
The amounts received from the Coronavirus Business Interruption Loan Scheme that cover interest and fees
payable to the lender, are recognised at the fair value of the grant received when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
Government grants, which include amounts received under the Coronavirus Job Retention Scheme, are recognised at the fair value of the grant receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
27
25
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
216,550
190,928
Adjustments in respect of prior periods
1,110
Total current tax
217,660
190,928
Deferred tax
Origination and reversal of timing differences
21,264
9,513
Total tax charge
238,924
200,441
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
48,992
74,429
81,902
114,753
320,076
Additions
20,658
7,502
58,055
86,215
At 31 December 2021
48,992
95,087
89,404
172,808
406,291
Depreciation and impairment
At 1 January 2021
7,961
58,646
21,829
36,253
124,689
Depreciation charged in the year
4,899
9,111
10,136
27,311
51,457
At 31 December 2021
12,860
67,757
31,965
63,564
176,146
Carrying amount
At 31 December 2021
36,132
27,330
57,439
109,244
230,145
At 31 December 2020
41,031
15,783
60,073
78,500
195,387
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Fixed asset investments
2021
2020
£
£
Investments
1,300
1,300
The investments are not listed on the stock market. Their market values are estimated by the directors using the share prices for similar trading companies which are listed on the stock market less a reasonable discount to reflect the minority holding and non listing status of the companies the investments are in.
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 January 2021 & 31 December 2021
1,300
Carrying amount
At 31 December 2021
1,300
At 31 December 2020
1,300
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,449,129
1,960,152
Other debtors
507,794
600,403
Prepayments and accrued income
59,334
286,473
3,016,257
2,847,028
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loan
24,000
Trade creditors
1,836,016
1,402,015
Corporation tax
216,545
190,924
Other taxation and social security
75,340
19,420
Dividends payable
222,582
Other creditors
255,362
5,427
Accruals and deferred income
423,407
239,850
2,806,670
2,104,218
The bank loan has a fixed and floating charge over the property of the company.
CROSSFOLD ELECTRICAL WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loan
216,000
The bank loan has a fixed and floating charge of the property of the company.
9
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
42,256
20,992
42,256
20,992
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
17,719
8,475
17,719
8,475
Ordinary A shares of £1 each
2,500
2,500
2,500
2,500
Ordinary B shares of £1 each
2,500
2,500
2,500
2,500
Ordinary C shares of £1 each
6,120
6,120
6,120
6,120
Ordinary D shares of £1 each
2,040
2,040
2,040
2,040
Ordinary E shares of £1 each
9,280
9,280
9,280
9,280
40,159
30,915
40,159
30,915
Ordinary shares have full voting and distribution rights whereas ordinary shares classes A to E have no voting rights but participate in distributions.
During the year, 9,244 Ordinary shares of £1 each were issued for an aggregate consideration of £500,004.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
1,063,068
1,212,250
2021-12-31
2021-01-01
false
23 September 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
Mr A Silver
Mr S Silver
Mr L B Silver
Mrs S Silver
Mr D A Silver
Mr L B Silver
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